Audit 48397

Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of A New Beginning, FFA and is presented on the accrual basis of accounting for the year ended June 30, 2022. The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the schedule presents only a selected portion of the operations of A New Beginning, FFA it is not intended to and does not present the financial position, changes in net assets, or cash flows of A New Beginning, FFA. Expenditures reported on the schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in 2 CFR 200, Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. A New Beginning, FFA has elected to not use the 10% de minimis indirect cost rate De Minimis Rate Used: N Rate Explanation: The auditee did not use the de minimis cost rate.